Cement News tagged under: PPC

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PPC CEO Claassen to retire

23 November 2018, Published under Cement News

South-Africa-based PPC has initiated a process to find a new CEO after the incumbent, Johan Claassen, expressed an interest to take early retirement. Mr Claassen was appointed permanent CEO in February this year after serving as interim CEO for six months following the departure of Darryll Castle.

PPC expects profit increase in FY18

18 June 2018, Published under Cement News

South Africa’s PPC expects its net profit attributable to shareholders to increase between 55-65 per cent for the financial year ended 31 March, compared with ZAR93m (US$6.9m) of the previous year. However, the group’s EBITDA from operations is expected to decline by 5-12 per cent YoY. "Group EBITDA has been negatively impacted by costs related to corporate action, restructuring and separation costs, which were communicated previously. Excluding this impact and the fluctuation in exchange...

PPC Zimbabwe to resume exports

19 March 2018, Published under Cement News

PPC Zimbabwe says it will leverage on an enhanced export incentive which the cement producer has been granted by the Reserve Bank of Zimbabwe (RBZ) to break even and resume exports despite high production costs, according to The Zimbabwe Independent. The central bank has approved the company’s application for an export incentive above the usual five per cent. PPC Managing Director Kelibone Masiyane said that the company’s export levels have dropped from 0.1Mta in 2014-15 to zero as cu...

PPC makes several changes to its board

06 March 2018, Published under Cement News

PPC has announced that Jabu Moleketi has been appointed as chairperson, with immediate effect. Mr Moleketi replaces Peter Nelson who, along with non-executive directors Sydney Mhlarhi and Dawn Earp, resigned on Friday. The departure of Mr Nelson follows allegations that Prudential Investment Managers South Africa, one of PPC’s largest shareholders, had sent a formal request for his removal, according to the Business Report. Noluvuyo Mkhondo, an investment banking and corporate finance ...

Jabu Moleketi nominated for PPC chairman

23 February 2018, Published under Cement News

South Africa’s PPC has received nominations for Jabu Moleketi for the position of chairman of the board to succeed Peter Nelson as it aims to “strengthen the board with its strategic priorities,” said the company in a statement. Mr Moleketi is currently chairman of Vodacom Group and has served on numerous boards such as the Development Bank of Southern Africa, Brait SE, Remgro, Nedbank Group and MMI Holdings. The company said the nomination will be evaluated and appointments in due co...

PPC makes three new appointments

15 February 2018, Published under Cement News

PPC has appointed its current interim Chief Executive, Johan Claassen as CEO and an executive director of the group with immediate effect. "Since his appointment as interim CEO Johan has overseen a number of important milestones including the successful stabilisation of the business, an improvement in efficiencies following the completion of key projects and the strengthening of PPC's financial position," said Peter Nelson, chairperson of PPC. Elsewhere, Njombo Lekula has accepted the...

PPC records sales growth

06 February 2018, Published under Cement News

PPC reported that it has seen its sales volume grow by over 20 per cent YoY in Rwanda and Zimbabwe, for the nine-month period ended 31 December 2017. Assisted by stable pricing and a positive export performance, volumes increased by 20-30 per cent YoY in Rwanda. Similarly, its Zimbabwean operations registered an uptake of 30-40 per cent when compared to the year-ago period. However, PPC estimates that overall cement demand in South Africa declined by 3-4 per cent in the full-year 2017. ...

PPC improves liquidity position

22 January 2018, Published under Cement News

PPC has rescheduled the debt related to its new plant in the Democratic Republic of Congo, improving its liquidity position. The South Africa-based cement producer has also secured a two-year capital repayment moratorium. As a result, the total capital requirements for PPC Barnet DRC would be limited to interest payments from this month up to January 2020. PPC has a 69 per cent stake in PPC Barnet DRC, a joint venture with Barnet Group, which has a 21 per cent shareholding, and the In...

CRH

03 January 2018, Published under Cement News

Having started a process of due diligence, CRH has decided not to proceed with a bid for the African cement producer Pretoria Portland Cement.

LafargeHolcim withdraws from further talks with PPC

14 December 2017, Published under Cement News

LafargeHolcim has ended talks with South Africa’s PPC about a potential deal, said the Swiss cement producer in a brief statement. The step comes only a day after Canada’s Fairfax Africa Investments Proprietary Ltd pulled out its attempt to buy 23 per cent of the South African cement producer and a week after CRH exits talks with PPC.